How does someone offer a full and final settlement

[s.b.w]

I have a friend (yeh, I know that sounds dodgy but read on)....

My friend has been given a chance to pay off some of his credit card debt (Egg and Cohoot) but will not have enough to pay the full sums off.

He has called their customer service department asking to make payments over the phone and try and come to an arrangement about the total amount but they are refusing to listen to him.

From what he's told me he has never missed any payments, has always made the minimum and never previously had any problems... he just would like to settle up and the CCLS advised a full and final offer.

What's the best way to go about it?

Any advice much appreciated.

S x

[Viki.W]

Hey s.b.w., there are template letters on this site specifically for this, they are on the left, he could try that. If he's paying on time and they think that they will carry on getting his money they might not agree but it's worth a shot I suppose. X

[size5]

If he has never missed a payment then why should they listen? From their perspective he is obviously solvent and can afford the debt payments so they have no incentive to take a loss on the accounts.

Short settlements of this nature are much more common when the client has indicated a struggle to repay by missing or defaulting on payments.

Hope this helps.

[s.b.w]

Thanks guys...

He is in a bind financially and his girlfriend is lending him the money to pay this off... he owes £6,000 and has been struggling to pay this and will now start to miss payments due to work getting quiet.

This was a stop gap from his girlfriend to help, but she can only afford £5,000.

His debt is @£3000 to each and this would mean an offer of £2,500.

I'll get the letters printed off and see what they say.

Thanks for your advice

S